The new Prime Minister, Liz Truss, set out her £150bn UK energy plan to tackle the current crisis. Jo-Jo Hubbard, co-founder and CEO of Electron, commented:
“Our new prime minister has shown willingness to implement short-term solutions to our energy problems. Next, we need to know whether she has the mettle to make the systemic long-term changes to our energy system and ‘tackle the root causes’ as she has promised. There has been talk of energy market reform and extending the contracts for difference scheme. Good, but we must go much further and look at the fundamental way our energy market is structured in the UK.
The current top-down, single UK market blunt approach is not fit for purpose. We need agile, buoyant local energy markets that allow generators and consumers of energy to get the most out of their assets and get the best deal. Without that level of structural reform, we are simply propping up a tottering status quo.”
